(UNDATED) - If you're looking to open a small business, Forbes Magazine says you could do far worse than opening it in Bloomington.

Bloomington was just rated as the 3rd best small city for business and careers, only being bested by Sioux Falls, South Dakota and rival big ten town Iowa City, Iowa.

Overall, Bloomington was rated as having the 11th best cost of doing business, 23rd best in educational attainment and 32nd in culture and leisure.

The small cities list was based on metropolitan areas with populations less than 240,000 people. Bloomington was counted as having 181,000.

Bloomington did struggle on the ranking of colleges, at 79th place. However, that rating is based on the number of 4-year colleges in the area, Bloomington having just Indiana University, however, they did score some bonus points for IU being as highly rated as it is.

After Bloomington, the top 5 was rounded out by fellow college town Columbia, Missouri, home of Mizzou, and Bismarck, North Dakota.